Located at 515 15th St. NW, the Hotel Washington sits on theperimeter of the White House in the city's central businessdistrict. The building that the hotel occupies was originallydeveloped 1888 and served as an apartment and a retailestablishment. The property was first converted into hotel in 1917.Today the property features a restaurant, fitness facility and17,000 sf of meeting space.
The $350,000 per-room is indicative of the strength of the MetroWashington, DC lodging market. Marcus & Millichap's Spring 2006Hospitality Research Report notes that in the country's fivelargest hotel markets, the median price per-room increased lastyear by 40% to $62,000. The numbers are even higher in theWashington, DC area market. "The median price rose 20% last year to$151,200 per room, but sales so far in 2006 have priced muchhigher."
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